Industry stalwart Angus Tulloch has announced he is to retire from fund management and call time on 30-year career with First State Investments.

Tulloch is set to formally step down in September having initially joined Stewart Ivory, as it was known in 1987. He stayed with the firm as it transitioned to become First State and latterly Stewart Investors.

Having helped establish the firm’s emerging markets team in 1988, Citywire A-rated Tulloch has been a named manager on the firm’s emerging markets and Asia Pacific equity funds.

Following a change in roles at the end of 2015, Tulloch stepped down from the First State Asia Pacific and First State Asia Pacific Leaders funds, with David Gait and Sashi Reddy taking over responsibility.

This saw Tulloch retain a role on the Stewart Investors Asia Pacific fund, which is a UK-domiciled fund registered for sale in several European markets.

It is understood management of this fund will now be the sole responsibility of Ashish Swarup, who replaced David Gait as Tulloch’s co-manager on the regional equity fund in July 2015.

It is also understood Tulloch will retain an involvement with Stewart Investors by sitting as non-executive director on the board of a forthcoming investment trust focused on global small-caps.